July 27, 2015 – On July 21st, it was announced that the Consumer Financial Protection Bureau (CFPB) issued its final rule confirming the delay of the effective date of the TILA-RESPA Integrated Disclosures (TRID) Rule, also known as Know Before You Owe. The original date of August 1st, 2015 was pushed to October 3rd, 2015.

In addition to the date change, the rule makes two technical corrections, including:

Amending 12 CFR § 1026.38(i)(8)(ii) and (iii)(A) to “include, in the amount disclosed as ‘Final’ for Adjustments and Other Credits, the amount disclosed under § 1026.38(j)(1)(iii) for certain personal property sales, thus conforming the calculation of Adjustments and Other Credits on the Closing Disclosure and Loan Estimate.”

Amending 12 CFR § 1026.38(j)(1)(iv) to “include, in the amount disclosed as Closing Costs Paid at Closing, lender credits disclosed under § 1026.38(h)(3), thus conforming the disclosure of the borrower’s cash to close in the Calculating Cash to Close and the Summaries of Transactions tables on the Closing Disclosure.”

The final rule can be viewed in its entirety through the CFPB's website.

Mortgage Loan Originators (MLOs) are hastening to prepare themselves to be compliance-ready even as they wonder what the effects of the TRID Rule will be.

In light of these concerns, more than twenty real estate industry trade groups have joined together in support of HR 3912, the Homebuyer Assistant Act, which provides an official hold-harmless period for enforcement of TRID for those that make good-faith efforts to comply. NAFCA and CUNA are among the supports who have signed off on a letter to the House Financial Services Committee calling for passage of HR 3912.

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